belowMDA
They tried that with the airline that became Air Pacific... and it didn't work. Some countries were crying out for such as daily services when there was work for just a weekly service... and so on.
How many times have I heard a Head of Government of a South Pacific nation say that his ambition is to get a national airline. How many work without "loans" (read gifts) from other nations? How many have ceased to exist when key positions are localised? But they are beautiful countries.
I could go on.